Financial services firms are no strangers to cyberattacks, often facing some of the most expensive consequences. In 2024, the average cost of a data breach in the financial industry worldwide was $6.08 million, while the global average cost of a data breach across all studied industries was $4.88 million.
The growth of Ransomware-as-a-Service (RaaS) has amplified this threat. Today’s attackers often operate within organized networks that leverage AI-driven technologies for target selection, breach execution, and extortion. This is a particular challenge for financial services, already a key target by cybercriminals thanks to the sector’s lucrative assets and sensitive data.
